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Foreign News reported on August 20 that the number of oil and natural gas drilling rigs for US energy companies increased for the third consecutive week this week.
The rebound in oil prices prompted some drilling rigs to return to well sites in the past year
.
US oil service company Baker Hughes said in a closely watched report on Friday that as of the week of August 20, the number of active oil and gas rigs in the United States increased by 3 to 503, which is the leading indicator of future production.
, The highest level since April 2020
.
This makes the total number of rigs nearly doubled from 254 in the same period last year
.
This week, the number of US oil rigs increased by 8 to 405, the highest level since April 2020; the number of natural gas rigs fell by 5 to 97, the largest weekly decline in 16 months
.
US crude oil futures traded at around US$63 per barrel on Friday, falling for the seventh consecutive day, falling to a three-month low, as the surge in infections affected travel
.
Oil prices have risen about 29% so far this year, and many energy companies have indicated that they plan to increase spending, but the increase is still small because most companies continue to focus on improving cash flow, reducing debt, and increasing shareholder returns
.
In fact, many analysts believe that additional spending will not increase production at all
.
On the contrary, they believe that it will only replace the natural decline in oil well production
.
The U.
S.
Energy Information Administration (EIA) released its monthly drilling productivity report on Monday, showing that U.
S.
shale oil production in September is expected to increase to 8.
1 million barrels per day, the highest level since April 2020
.
However, EIA estimates that total oil production is expected to decline to 11.
1 million barrels per day in 2021, 11.
3 million barrels per day in 2020, and then increase to 11.
80 million barrels per day in 2022
.
The output in 2019 hit a historical annual high of 12.
3 million barrels per day
.
The rebound in oil prices prompted some drilling rigs to return to well sites in the past year
.
US oil service company Baker Hughes said in a closely watched report on Friday that as of the week of August 20, the number of active oil and gas rigs in the United States increased by 3 to 503, which is the leading indicator of future production.
, The highest level since April 2020
.
This makes the total number of rigs nearly doubled from 254 in the same period last year
.
This week, the number of US oil rigs increased by 8 to 405, the highest level since April 2020; the number of natural gas rigs fell by 5 to 97, the largest weekly decline in 16 months
.
US crude oil futures traded at around US$63 per barrel on Friday, falling for the seventh consecutive day, falling to a three-month low, as the surge in infections affected travel
.
Oil prices have risen about 29% so far this year, and many energy companies have indicated that they plan to increase spending, but the increase is still small because most companies continue to focus on improving cash flow, reducing debt, and increasing shareholder returns
.
In fact, many analysts believe that additional spending will not increase production at all
.
On the contrary, they believe that it will only replace the natural decline in oil well production
.
The U.
S.
Energy Information Administration (EIA) released its monthly drilling productivity report on Monday, showing that U.
S.
shale oil production in September is expected to increase to 8.
1 million barrels per day, the highest level since April 2020
.
However, EIA estimates that total oil production is expected to decline to 11.
1 million barrels per day in 2021, 11.
3 million barrels per day in 2020, and then increase to 11.
80 million barrels per day in 2022
.
The output in 2019 hit a historical annual high of 12.
3 million barrels per day
.
